US signs trade agreement with Japan
On Oct. 7, President Donald Trump signed the U.S.-Japan Trade Agreement, an important step forward with U.S. agriculture’s fourth-largest export market according to the American Farm Bureau Federation (AFBF).
The signing “marks the successful end to more than a year of negotiation between Japan and the United States,” AFBF President Zippy Duvall said. “This agreement means sharply lower tariffs on our farm and ranch exports with the promise of more to come.”
Duvall said that while the opening of the Japanese market is not finished, the conclusion of these talks means U.S. exporters can now trade with Japan with the same advantages enjoyed by signers of the Trans-Pacific Partnership (TPP) trade agreement.
“We hope the momentum from this win carries through to the negotiations with China this week and sets the stage for similar bilateral agreements with other countries involved with the TPP. We appreciate this Administration’s efforts to improve trade opportunities for farmers,” Duvall said.
According to AFBF analysis, the agreement immediately eliminates all tariffs on U.S. exports of sweet corn, almonds, broccoli and prunes, among other things. Other tariffs on products such as ethanol, cheese and whey, fresh cherries and other farm and ranch products will be phased out over a number of years.